Analysis by an industry leader has examined how the type of borrower affects the likelihood of a mortgage default

The MFAA has launched a consumer-focused social media campaign it says will connect borrowers and brokers.

The campaign will direct potential borrowers via Facebook to the MFAA's Essentials of Borrowing site, where consumers will be able to enter a contest by revealing "what they're missing out on by saving for a home loan", with a cash prize of $1,500 on offer. The association is prompting its members to "become ambassadors for the competition" with their clients.

"The campaign is designed to encourage our members to reach out to their existing and potential clients, and encourage them to join in the competition and visit the website," MFAA chief executive Phil Naylor said.

"This campaign provides our members with another touch-point with their clients and gives them something different to talk about. It’s an opportunity to tell their clients about their accreditation and professional standing as well."

Naylor said the campaign had its genesis in MFAA research showing the sacrifices borrowers make to save for a deposit. The MFAA poll showed 54.2% of borrowers are reducing home costs, 51.9% are skipping eating out, while 49% buy food in bulk or on special and 41.5% are taking cheaper holidays.

Naylor said the website will also include saving tips, answers to common home loan questions and a searchable database of MFAA approved brokers.